TL;DR

Bitcoin dips below $100K amid US-Iran tensions; $1B liquidations; Fed eases crypto banking rules.

Highlights

• • Bitcoin briefly fell below $100,000 twice amid US-Iran military escalation, then rebounded above $102,000 18.
• • Over $1 billion in leveraged crypto positions were liquidated, with long traders absorbing most losses 6.
• • Bitcoin leverage ratios dropped to 2021 lows as traders de-risked; open interest contracted sharply 7.
• • Tether minted $2 billion USDT on Tron, fueling speculation about liquidity deployment 2.
• • The Federal Reserve removed "reputational risk" from bank exams, easing constraints for banks serving crypto firms 3.
• • Fiserv announced a Solana-based stablecoin (FIUSD) for 3,000+ banks, leveraging Circle and Paxos infrastructure 4.
• • Circle shares surged over 800% post-IPO, briefly matching USDC supply in market value, after Senate passage of the GENIUS Act 12.
• • Strategy (MicroStrategy ), Metaplanet, ECD Automotive, and ProCap announced or executed large-scale Bitcoin treasury acquisitions 910111320.
• • Binance scheduled six new token listings, launched 50x leveraged futures for Humanity Protocol, and a Nasdaq shell plans a $100M BNB treasury 1415.
• • DeFi projects Veda and GTE raised $33 million combined for modular vaults and high-speed DEX infrastructure 16.
• • Vitalik Buterin reaffirmed Ethereum L1 as a global settlement layer, highlighting its 50% stablecoin share and cross-chain focus 19.
• • Dormant 300 BTC wallet reactivated after 11 years; 61 BTC moved recently 17.
• • Ricardo Salinas increased his portfolio allocation to 70% Bitcoin , maintaining high-profile institutional bullish sentiment 18.

Commentary

Markets saw sharp volatility as Bitcoin dropped below $100,000 for the first time in over a month amid US-Iran military actions, with subsequent rebounds reflecting sensitivity to geopolitical risk 18. Over $1 billion in liquidations—mostly from long positions—were triggered during thin weekend liquidity, and Bitcoin leverage ratios fell to multi-year lows as traders rapidly de-risked 67. This contraction in open interest may reduce near-term volatility but signals a more cautious market environment.

Institutional and corporate accumulation of Bitcoin continues despite price swings. Strategy (MicroStrategy ), Metaplanet, ECD Automotive, and ProCap all disclosed significant treasury builds or funding for future purchases, using a mix of equity and debt 910111320. The trend is now expanding to other tokens, with a Nasdaq shell targeting a $100 million BNB treasury 14. Dormant whale wallets are also moving, adding to on-chain activity 17.

Stablecoins and regulatory infrastructure are in focus. Tether’s $2 billion USDT mint on Tron could impact liquidity flows 2, while Fiserv ’s launch of a Solana-based stablecoin for thousands of banks—integrating Circle and Paxos—signals rising institutional adoption 4. Circle ’s stock soared after the Senate passed the GENIUS Act, the first US federal stablecoin framework 12. The Fed’s removal of “reputational risk” from bank exams may further open banking rails for crypto firms 3.

DeFi and altcoin segments remain active: Binance is accelerating token listings and leveraged products 15, while Veda and GTE secured $33 million for DeFi infrastructure 16. Ethereum ’s position as a global settlement layer is reinforced by its 50% stablecoin share and ongoing cross-chain interoperability efforts 19.

Traders should monitor for further geopolitical shocks, regulatory progress on stablecoins, and liquidity shifts from large stablecoin mints and corporate treasury moves. Reduced leverage may dampen volatility, but institutional positioning and new product launches could drive sector rotation.